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Janet Yellen to be named Fed chair on Wednesday: White House

Published: Tuesday, 8 Oct 2013 | 7:11 PM ET

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Source: Federal Reserve | Flickr

Janet Yellen

After months of speculation, it's official: Janet Yellen will be the next chair of theFederal Reserve, succeeding Ben Bernanke, the White House said late Tuesday.

President Obama will make the announcement on Wednesday at 3pm ET, the White House said. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend. That announcement will be right after the Fed releases the minutes from its last meeting, due out at 2pm ET.